Retirement Benefits
How Benefits are Determined:
Your benefits are determined according to the following formula: Your Highest Three Year Average Annual Rate of Regular Compensation x Your Benefit Rate x Your Creditable Service.
"Regular Compensation" Description:
Regular compensation consists of your salary, wages or other compensation, in whatever form, lawfully determined for the individual service of the employee. Regular compensation does not include bonuses, overtime, severance pay for any and all unused sick leave, early retirement incentives or any other payment received as a result of giving notice of your intention to retire.
"Benefit Rate" Determination:
Your benefit rate is determined by your age at retirement (as of your last birthday) and your group classification.
"Group Classification" Determination:
Your group classification is determined by the job you held.
- Group 1: Elected officials and general employees, including clerical, administrative, technical workers, laborers, mechanics and all others not otherwise classified.
- (Please refer to Group 1 Before April 2, 2012 Percentage Chart.)
- (Please refer to Group 1 After April 2, 2012 Percentage Chart.)
- Group 2: Certain employees with hazardous occupations such as ambulance attendants, electricians and mental health hospital attendants.
- Group 3: State police officers.
- Group 4: Public safety officials such as police officers, fire fighters and certain correction officers.
- (Please refer to Group 4 Retirement Percentage Chart.)
Benefit Rate Chart:
Using your age and group classification, your benefit rate can be found on the Benefit Rate Chart.